The S&P CoreLogic Case-Shiller 20-City Home Price Index rose 1.6% year-over-year in May 2026, up from an upwardly revised 1.2% increase in April and above market expectations of a 1.3% gain. This marked the strongest annual rise since August 2025.
However, after adjusting for inflation, home prices fell for the 12th consecutive month, as May’s 4.2% inflation rate outpaced nominal home price growth by 2.6 percentage points.
For the third month in a row, Chicago recorded the largest annual price increase among the 20 tracked cities, with prices up 6.9%, followed by New York (4.2%) and Cleveland (3.1%). At the other end of the spectrum, Las Vegas posted the sharpest annual decline (-1.9%), ahead of Seattle (-1.8%), Denver (-1.8%), and Tampa (-1.6%).
On a monthly basis, home prices rose 0.9% in May, a slight deceleration from gains of 1.0% in April and 1.1% in March, but still consistent with the typical seasonal strength during the spring homebuying season. After seasonal adjustment, prices were up 0.2% from the previous month.
